GBP trading weak post dismal UK industrial production numbers - BBH
|Research Team at BBH, notes that the UK industrial output fell by 1.3% in October while the median forecast was for a small increase.
Key Quotes
“While oil and gas took a toll (one of the large North Sea fields was closed for maintenance), manufacturing output slumped by 0.9%. A small gain was expected. The decline was sufficient to push the year-over-year rate into contraction (-0.4%) for the first time since March. Last week's PMI warned of further slowing in manufacturing in November.”
“Sterling was near two-month highs yesterday, reaching $1.2775. It was sold off to almost $1.2580 today. It appears to have found a bid, but it may be difficult to resurface above $1.2650. The euro had begun the week at nearly four-month lows against sterling just ahead of GBP0.8300. It traded a little above GBP0.8520 today but is running into offers as the 20-day moving average is approached (~GBP0.8530). The euro has not traded above this moving average since the US election.”
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